Financial Gravity Companies Inc. Buys New Position in Paychex, Inc. (PAYX)
Financial Gravity Companies Inc. bought a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the 4th quarter, Holdings Channel reports. The fund bought 1,854 shares of the business services provider’s stock, valued at approximately $127,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Atlantic Trust Group LLC increased its stake in shares of Paychex by 22.7% during the third quarter. Atlantic Trust Group LLC now owns 34,831 shares of the business services provider’s stock valued at $2,088,000 after buying an additional 6,451 shares during the period. Schaper Benz & Wise Investment Counsel Inc. WI increased its stake in shares of Paychex by 1.4% during the third quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 213,833 shares of the business services provider’s stock valued at $12,821,000 after buying an additional 2,855 shares during the period. Bank of the Ozarks increased its stake in shares of Paychex by 25.9% during the third quarter. Bank of the Ozarks now owns 8,035 shares of the business services provider’s stock valued at $482,000 after buying an additional 1,655 shares during the period. Welch Investments LLC increased its stake in shares of Paychex by 5.3% during the third quarter. Welch Investments LLC now owns 78,153 shares of the business services provider’s stock valued at $4,686,000 after buying an additional 3,914 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Paychex by 3.6% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 55,631 shares of the business services provider’s stock valued at $3,336,000 after buying an additional 1,934 shares during the period. 67.98% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP Jennifer R. Vossler sold 10,000 shares of the stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total value of $682,900.00. Following the sale, the vice president now directly owns 31,578 shares of the company’s stock, valued at $2,156,461.62. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael E. Gioja sold 34,311 shares of the stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $68.91, for a total value of $2,364,371.01. Following the completion of the sale, the insider now directly owns 63,374 shares in the company, valued at $4,367,102.34. The disclosure for this sale can be found here. Corporate insiders own 11.70% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ:PAYX) opened at $63.79 on Friday. The firm has a market capitalization of $23,000.00, a price-to-earnings ratio of 27.38, a P/E/G ratio of 3.41 and a beta of 0.96. Paychex, Inc. has a 12 month low of $54.20 and a 12 month high of $73.10.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.59. The company had revenue of $826.50 million for the quarter, compared to analysts’ expectations of $823.48 million. Paychex had a return on equity of 42.80% and a net margin of 26.02%. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.56 earnings per share. analysts predict that Paychex, Inc. will post 2.39 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Thursday, February 1st were paid a $0.50 dividend. The ex-dividend date was Wednesday, January 31st. This represents a $2.00 annualized dividend and a yield of 3.14%. Paychex’s payout ratio is 85.84%.
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Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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